HOTEL TECHNOLOGY MANAGEMENT (HTM) acquired by GROUPE PASSMAN

Amper, S.A. has entered into a binding agreement to acquire full ownership of Teltronic from the private equity firm Nazca Capital. This transaction is a cornerstone of Amper's 2026-2028 Strategic Plan, representing a significant inorganic growth initiative. The primary rationale for the acquisition is to solidify Amper's position as a national leader in the defense and security communications sector. The integration of Teltronic is expected to yield substantial commercial and industrial synergies. Commercially, it will reinforce Amper's presence in key Latin American markets such as Brazil and Mexico, where Teltronic has an established footprint. Industrially, the deal provides Amper with a strategic platform for expansion into the North American markets, including the United States and Canada. The acquisition is structured with a combination of cash, the issuance of new Amper shares to the seller, and a contingent earn-out payment based on the future performance of the target. This strategic move substantially expands Amper's operational scope and technological capabilities in the high-growth area of mission-critical communications, aligning with its long-term vision.

KKR, alongside co-investor Mubadala Investment Company, has signed a definitive agreement to sell CoolIT Systems to Ecolab. This transaction marks a highly successful exit for KKR’s Global Impact Fund II, which acquired the company in 2023 for approximately $270 million. The strategic rationale for the deal is driven by the global "arms race" in AI infrastructure. CoolIT’s revenues surged by 300% during KKR’s ownership as its hyperscaler revenue share jumped from 5% to 60%, largely fueled by the shift to liquid-cooled GPUs (e.g., Nvidia). For Ecolab, the acquisition provides an immediate leadership position in the mission-critical cooling segment of the data center industry. A standout feature of the deal is KKR’s "broad-based ownership" program: all 650 employees were granted equity in 2023 and will receive cash payouts at closing ranging from one to over eight years of their annual salary. This exit is KKR’s first North American Global Impact payout and underscores the firm’s strategy of using employee ownership to drive industrial performance. CoolIT will continue to operate under its own brand, led by CEO Jason Waxman, as part of the broader Ecolab platform.

After five years under Quilvest's control, the management of Primal Group regained majority ownership in a transaction that marks a major turning point for the company. This milestone allows the leadership team to become the controlling shareholders, effectively "connecting" the company's future to its management's vision. Supported by EMZ Partners and Bpifrance, the group is now positioned to leverage its three core brands—Attentive, Solem, and Indygo—to pursue an ambitious next phase of European and international growth. The transaction highlights the success of Primal's transition from a hardware manufacturer to a high-value tech provider with strong social and environmental impact.

The group has finalized the acquisition of the target, a maneuver designed to fundamentally reinforce its "multi-sensor" intelligence strategy. The strategic rationale for this transaction centers on a "technological-convergence" play, merging the target's industry-leading technical operational depth in 3D LiDAR with the group’s established global distribution and video management infrastructure. This structural alignment provides the organization with the scientific talent and technological hardware required to address the increasing demand for high-accuracy detection and the reduction of false alarms in complex environments.

Infineon agreed to acquire the non-optical sensor business from AMS-Osram in a strategic carve-out. For AMS-Osram, this divestment marks a definitive pivot towards becoming a pure-play "Digital Photonics" leader, shedding non-core assets to focus entirely on optical semiconductors (LEDs, lasers, optical sensors). For Infineon, the acquisition strengthens its technological footprint in high-precision sensing without the burden of acquiring additional factories. The deal is structured as a "fabless" asset transfer: Infineon acquires the intellectual property, customer contracts, and R&D teams, but has signed a long-term supply agreement for AMS-Osram to continue manufacturing the wafers as a foundry service.

Keenfinity Group has acquired Avonic, a Dutch specialist in cameras and voice-tracking technologies for the AV conferencing market, with the goal of expanding its audio conferencing solutions with state-of-the-art video solutions, enabling system integrators and equipment providers to access a seamless, integrated audio-video portfolio. This strategic acquisition strengthens Keenfinity Group's leading position in the conferencing segment, allowing it to provide more comprehensive and integrated solutions to its clients. Keenfinity Group intends to utilize Avonic's artificial intelligence-powered video capabilities to enhance the meeting experience of its clients, providing a more engaging and natural conferencing solution. Both companies share a strong focus on research and development, and are recognized for their ability to provide high-quality and customized solutions to meet the specific needs of their clients. The acquisition of Avonic by Keenfinity Group is the result of a targeted expansion strategy, aimed at strengthening the group's leading position in the AV conferencing market. The acquisition is subject to the approval of the relevant regulatory authorities.

Wabtec Corporation has finalized the acquisition of 100% of Frauscher Sensor Technology from the Delachaux Group and minority shareholder Michael Thiel. This exit marks a significant milestone for Delachaux, allowing the French family-owned group to refocus capital on its primary activities (Pandrol, Conductix-Wampfler, and DCX Chrome). The strategic rationale for Wabtec is the expansion of its Digital Intelligence portfolio through the addition of Frauscher’s world-class axle counting and signaling technologies. By combining Frauscher’s sensors with Wabtec’s analytics software, the group can provide a truly integrated safety-critical infrastructure offering. The acquisition is immediately accretive to Adjusted EBIT margins and EPS. Financially, the deal was structured to capitalize on Frauscher’s strong market position in India and Europe, providing a platform for accelerated profitable growth and significant cost synergies to be realized over a three-year period.

Cogelec has been acquired by Legrand through a two-stage process: first, the purchase of a 60.09% controlling block via the "Cogelec Développement" holding, followed by a mandatory tender offer (OPA) for the remaining shares. The strategic rationale is centered on strengthening the acquirer's "Smart Building" and digital services division, specifically targeting the lucrative and resilient recurring revenue stream of the target's subscription model. Financially, the deal is accretive and aligns with the acquirer's strategy. This platform investment allows Legrand to consolidate its leadership in the collective housing segment in France and 11 other international markets. The exit of Raise Investissement and the founding directors marks the end of the target's journey as an independent listed entity on Euronext Growth.

NanoXplore has successfully closed a €20 million fundraising round led by the European missile manufacturer MBDA and Bpifrance. This operation marks the company's first major institutional capital increase, aimed at accelerating its transition from a space-centric specialist to a diversified defense electronics powerhouse. The strategic rationale for the investors is twofold: securing a sovereign, ITAR-free supply of high-end FPGA components and supporting the company’s ambitious technological roadmap, which includes moving from 28-nanometer to 7-nanometer platforms in collaboration with the ESA and CNES. The funding will be utilized to expand NanoXplore's international footprint, particularly in Germany and Italy, and to potentially fund targeted acquisitions to consolidate the fragmented European microelectronics landscape. By bringing MBDA onto its cap table, NanoXplore gains a strategic anchor client and partner to co-develop next-generation electronic architectures for missiles, radars, and UAVs. This deal is a key component of the "France 2030" plan, reinforcing the continent's ability to produce critical semiconductors independently of American or Asian supply chains in an increasingly tense geopolitical climate.

Nazca Capital has acquired 100% of the capital of Teltronic from a subsidiary of the Chinese multinational Hytera Communications. This transaction marks the inaugural investment for Nazca's new fund, the Fondo Nazca Aeroespacial y Defensa INNVIERTE I FCR. The acquisition is strategically positioned to reinforce European technological sovereignty in the critical communications sector. By bringing Teltronic under Spanish ownership, the deal aims to provide Spanish and European defense and interior ministries with a trusted, sovereign technology provider, thereby reducing dependence on non-European entities for tactical military and national security communications. The investment from Nazca is intended to accelerate Teltronic's growth trajectory, both organically and through future acquisitions. The company's management team, led by its CEO, has backed the transaction, viewing it as an endorsement of their innovation-focused strategy. Key growth areas targeted post-acquisition include the public safety and mass passenger transportation markets, alongside a strategic entry into the defense sector, leveraging the company's dual-use technological capabilities.